Wealthspire Advisors LLC Buys 572 Shares of Agree Realty Co. (NYSE:ADC)

Wealthspire Advisors LLC lifted its stake in shares of Agree Realty Co. (NYSE:ADC) by 14.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,548 shares of the real estate investment trust’s stock after acquiring an additional 572 shares during the quarter. Wealthspire Advisors LLC’s holdings in Agree Realty were worth $320,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its stake in shares of Agree Realty by 37.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 3,646,526 shares of the real estate investment trust’s stock worth $274,693,000 after acquiring an additional 990,362 shares in the last quarter. Daiwa Securities Group Inc. boosted its stake in Agree Realty by 29.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,350,056 shares of the real estate investment trust’s stock valued at $177,030,000 after purchasing an additional 534,545 shares during the period. FMR LLC boosted its stake in Agree Realty by 729.3% during the 3rd quarter. FMR LLC now owns 2,238,784 shares of the real estate investment trust’s stock valued at $168,648,000 after purchasing an additional 1,968,811 shares during the period. Geode Capital Management LLC boosted its stake in Agree Realty by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,074,760 shares of the real estate investment trust’s stock valued at $156,327,000 after purchasing an additional 30,377 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Agree Realty by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,588,355 shares of the real estate investment trust’s stock valued at $119,651,000 after purchasing an additional 57,354 shares during the period. Institutional investors own 97.83% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on ADC shares. StockNews.com upgraded Agree Realty from a “sell” rating to a “hold” rating in a research note on Sunday, February 16th. Mizuho decreased their target price on Agree Realty from $80.00 to $74.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. UBS Group upgraded Agree Realty from a “neutral” rating to a “buy” rating and increased their target price for the company from $79.00 to $84.00 in a research note on Monday, January 6th. Wells Fargo & Company decreased their target price on Agree Realty from $80.00 to $79.00 and set an “overweight” rating for the company in a research note on Monday, November 4th. Finally, BTIG Research increased their target price on Agree Realty from $74.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $79.62.

Agree Realty Trading Up 1.2 %

Shares of ADC opened at $73.66 on Friday. Agree Realty Co. has a 1 year low of $54.28 and a 1 year high of $78.39. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.52. The stock has a 50 day simple moving average of $71.46 and a 200-day simple moving average of $73.54. The stock has a market cap of $7.90 billion, a PE ratio of 41.38, a PEG ratio of 2.88 and a beta of 0.65.

Agree Realty (NYSE:ADC) last issued its earnings results on Tuesday, February 11th. The real estate investment trust reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.61. Agree Realty had a return on equity of 3.70% and a net margin of 30.66%. On average, sell-side analysts predict that Agree Realty Co. will post 4.27 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The business also recently announced a feb 25 dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 28th will be issued a $0.253 dividend. The ex-dividend date is Friday, February 28th. This represents a dividend yield of 4.2%. Agree Realty’s payout ratio is presently 170.22%.

About Agree Realty

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.